How to make Insurance Claims?

A.    Life Insurance Death claim: Formalities

When policy holder dies, claim intimation should be sent to the insurance company as early as possible. The assignee, nominee, close relative of the policy holder or agent who handles the policy can intimate to the ensuring company. The claim intimation should contain information like the date, place and cause of death. There after the insurance company will ask for the following documents:

Medical checkups: Self Awareness

(Probable diseases and Tests)

If you fail to file the IT annual return by the stipulated date i.e. 31st July 12, then it may affect you in the following ways:

1. Individuals who have losses (expect loss from house property) and wish to carry forward for subsequent years, cannot do so.

2. Certain exemptions under Section 80 are not available who file tax returns after the due date.

3. The individuals cannot file revised return for that assessment year.

4. The refund claim will be processed late, so the actual receipt of the refund amount may take considerable time.

In fact filing online return is very convenient and filing in time is the best way to pre-empt complications afterwards.

Equity oriented funds If a fund is holding more than 65% of equity, it will be treated as Equity oriented fund. Here we have taken seven categories of equity fund.

 Large cap funds

In large cap fund, the fund manager invests more than 80% of asset in large cap companies. This fund is less volatile.

Buying a flat: Basics

Abinash  is 45 years old and  staying in Navi Mumbai in a rented flat. Three years ago, he had booked an 3  BHK apartment  in Navi Mumbai after seeing the sample flat. The family  were very  pleased with the look  and feel of the sample flat. After the possession, they are disappointed. It was nowhere close to what they had been shown. In the sample flat, the rooms looked big and perfectly done up, but the size of the actual flat is much smaller and material used is inferior. He is running from pillar to post to get justice. Most of the people are taken for a ride by the builders due to lack of knowledge about house or flat. Buying a flat is the dream of every one. It is important to know certain basics and tips in buying a flat:

Basic principles in financial planning

1. How much emergency/contingency fund?

Emergency or Contingency Fund is required to meet any emergency e.g sudden loss of income, loss of job, medical emergency etc. Thumb rule says one should keep 3 to 6 month’s expenses in an emergency fund. In case of government employee, one should keep 3 month’s expenses but in case of self employed professionals or private sector employees; one should keep 6 month’s expenses in an emergency fund. For retirees, emergency fund should be equal to 1 year’s expense.

How to view EPF statement online?

It is necessary that, one should check the EPF statement periodically. Investing in EPF is good option for retirement planning process. Now it is very convenient to view the EPF statement online provided the employer has registered with the EPFO.

Why and how one should make a will?

Six months back, Praveen Hazare died in heart attack when he was 65 years old. He was staying in Thane with his spouse and two married sons. He had a flat in Mumbai and a flat in Navi Mumbai. He died without making a will. After his death, there were disputes for sharing of properties. The dispute has to be decided by the court as per the Succession Act which will take a very long time. This could have been avoided had he made a will.  

Mr. Kunal is 35 years old and married with a 5 year old daughter.Mr Kunal is  staying in Andheri in a rented house. He has taken a home loan from ICICI bank and also has a vehicle loan. He is paying 40% of his income towards his home loan EMI and 10% of income for his vehicle loan EMI. Due to declining sales by the Company, his employer has enforced 5% pay cut from all the employees. Further his daughter’s kid school fees have doubled recently. Adding to these ,high inflation   has affected the family budget. He has not been able to save anything for contingency purpose. Both Mr Kunal and his wife are at a loss about they should do?

Can you depend only on group health cover?

Group health insurance policies are generally provided by the employers and cover pre-existing diseases. Some group policies also cover old parents with or without paying extra premium. The claim settlements under group policies are easier. The moot point is whether one should take additional individual policies when one is covered under group insurance policy?  

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